Rite: Yes I do. Can you do me a favor?
Person 1: Sure.
Rite: Instead of calling me Marguerite, call me Rite because it sounds way cooler!
Person 1: Sure thing Rite
It commonly follows the word "fucking" in order to emphasise the person's point, and means something like "damn straight", "damn right" etc.
<geordie 2> FUCKIN RITES!!!!!!